U.S. Markets closed

Pfizer in talks to merge off-patent drugs business with Mylan

July 27 (Reuters) - Pfizer Inc is in talks to merge its off-patent drugs business with Mylan NV in a stock deal, the Wall Street Journal reported on Saturday, citing people familiar with the matter.

Mylan shareholders would receive a little more than 40% of the newly formed entity, with Pfizer shareholders receiving the remainder, the Journal said https://www.wsj.com/articles/pfizer-nears-deal-to-combine-off-patent-drug-business-with-mylan-11564228743?mod=breakingnews, adding Pfizer would also get about $12 billion in proceeds from a new sale of debt.

Pfizer and Mylan did not immediately respond to requests for comment.


(Reporting by Maria Ponnezhath in Bengaluru; Editing by Mark Potter)